Requirements
To Request a Beneficiary Change complete:
Beneficiary Change Request Form #671BCF
To Request a Name Change or correction complete:
Name Change Form #671NC
To Request an Ownership Change complete:
Ownership Change Form #671OC
Comments
Note for Name/Beneficiary/Owner Change confirmation only of the change is provided to the advisor and/or the policy owner. Updated information regarding the change can be verified on Client Access/Equinet.
Name Changes:
In addition to the appropriate signatures, please include a copy of government issued identification (if required per the form), i.e. marriage certificate, passport, driver's license, certificate of name change showing new/correct name.
Ownership Changes
For Ownership changes on
Universal Life and Whole Life policies, along with the appropriate signatures, and possible applicable corporate documentation please ensure the form is signed by the advisor. The advisor is required to perform identification verification.
For Ownership changes on
Term and Critical Illness policies, the advisor is not required to sign the form, and corporate documentation is not required. The advisor is not required to perform identification verification.
If no Beneficiary Change (Form 671BCF) is included with the application for Ownership Change, the beneficiary will automatically be designated per below:
• if the new owner is also the life insured, the beneficiary defaults to the estate of the new owner
• if the new owner is someone other than the life insured, the beneficiary defaults to the new owner
Please ensure the below forms are included (if applicable);
Form 594: this form must be completed for Universal Life and Whole Life ownership changes any time the Owner of a policy is changing to an entity (Example: corporation, business, charity, association, etc.) or when adding an entity as a joint owner.
Form 594: this form is not required to be completed for Term and Critical Illness ownership changes to an entity.
Form 1027: this form is no longer required for ownership changes except in the case of deposits equal to or greater than $100,000 submitted with the ownership change.
Form 31: this form must be completed if the payor is changing to an individual or entity that is not the old owner, new owner or the insured.
Form 378: this form must be completed if the payor is changing. Ensure that signature of the new policy owner, new payor (if different from the owner) and/or Corporation signature and information (if applicable) are completed under section 6.
Ownership Changes & Banking
Payor is changing to the new owners account a 378 PAD form & Void Cheque Required
Payor is changing to a Third Party account (not the old owner, new owner or the insured) Form 31, 378 PAD form & Void Cheque Required
Payor is staying the same as before the ownership change and the existing banking belongs to the old owner, new owner or the insured, no additional banking documents required
There may be situations wherein additional requirements may be necessary. Head Office will advise upon receipt.
Please note there are potential tax implications with ownership changes.
Beneficiary Changes
For Beneficiary changes, ensure that date and signature of policy owner(s) is completed on page 2 of the form.
If changing an Irrevocable beneficiary, the irrevocable beneficiary must sign the beneficiary change request form to release interest as irrevocable beneficiary. A minor irrevocable beneficiary is not able to sign the beneficiary change request form to release their interest as an irrevocable beneficiary until they have reached the age of majority.
If changing a Preferred beneficiary (spouse, parent, child or grand-child), to someone outside the Preferred Class, the preferred beneficiary must sign the beneficiary change request form to release interest as a preferred beneficiary.
Preferred Class will only apply to a policy issued before June 30, 1962, Preferred Class includes spouse, parent, child or grandchild.
If changing a Preferred beneficiary to a person within the Preferred Class, the beneficiary's signature is
not required.
